Swiber's Q3 net profit up 94.1% to US$13.52m

By YEO AIQI


Swiber Holdings Limited on Monday announced that its net profit for third quarter ended Sept 30, 2011 jumped 94.1 per cent year-on-year to US$13.52 million.

Revenue increased by 12.5 per cent to US$137.73 million from a year ago.

For the nine months ended Sept 30, 2011, Swiber's net profit increased by 6.4 per cent to US$30.6 million from a year ago and revenue jumped 49.5 per cent to US$468.94 million year-on-year.

Strong growth in revenue for Swiber was due to progressive revenue recognition from various contracts awarded to the company in year 2010 and 2011 as works progressed, concentrated in South Asia and Southeast Asia regions.

As of November 2011, the company has an order book of approximately US$1 billion and it is expected to contribute to its results over the next two years. Swiber is equipped with the right resources, a strong fleet of vessels and experienced management team and hence is well positioned to bid for major contracts and continue to focus on winning new contracts.